1. September 2008 AUTOSTRADA TORINO – MILANO SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI GAVIO GROUP

2. 2 AGENDA REGULATION GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION

3. 3 REGULATION GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION

4. 4 Current Group Structure (after the Re-organization)

5. OWNERSHIP STRUCTURE Holding companies 5 TREASURY STOCKS ASSICURAZIONI GENERALI GROUP FREE FLOAT GAVIO GROUP53,14% 21,94% 10,09% 2,66% 5,01% FONDAZIONE CR-TO 2,04% LAZARD ASSET MANAGEMENT LLC. ASSICURAZIONI GENERALI GROUP 5,59% FREE FLOAT17,20% GAVIO GROUP73,53% 3,68% LAZARD ASSET MANAGEMENT LLC 2,59% 2,53% GOLDMAN SACHS INTERN. LTD HSBC BANK PERNSION TRUST LTD

6. OWNERSHIP STRUCTURE Main motorway companies AUTOCISA % PUBLIC AUTHORITIES GROUP MUNICIPALITIES OTHER PROVINCES REGIONS ANASOTHERTOTAL 6 99,87 68 41 37 36 87 61 84 65 - 11 - 2 5 2 - 18 9 - 4 6 9 - 28 - 64 - 32 - 35 -----16-------16-- 100 0,13 4 41 11 - 6 22 5 - SUBSIDIARIES Società Autostrada Asti-Cuneo S.p.A.

7. Group Re-organization - Effects 7 IMPROVED VISIBILITY OF EACH OF THE BUSINESS LINES RUN BY THE GROUP CONCENTRATED THE MOTORWAY BUSINESS IN SIAS TO FAVOUR THE OPTIMAL MANAGEMENT OF THE FINANCIAL RESOURCES AMONG THE VARIOUS CONCESSIONS INCREASED THE CRITICAL MASS OF THE MOTORWAY BUSINESS GOT A BOOK VALUE OF THE INVESTED CAPITAL CLOSER TO MARKET VALUE OPTIMISED FINANCIAL RATIOS (ALSO IN VIEW OF BEING RATED BY AN INTERNATIONAL RATING AGENCIES) INCREASED THE SIAS PERSPECTIVE FREE-FLOAT AND LIQUIDITY

8. 8 Group Re-organization – Key points Following the completion of the 1 st phase of the Reorganization, the Group structure features: a listed holding company (ASTM) - diversified and geared towards growth in the engineering, planning and infrastructure/maintenance sectors, as well as, in the future, in other related sectors to be identified on the basis of market opportunities - with a straightforward valuation as SIASs upside will be easily reflected in ASTMs NAV; a listed sub-holding company (SIAS), that became a stronger motorway player (approx. 1,200 km network managed), freshly poised to exploit growth opportunities both in Italy and on the international arena (also via JV). The financial structure of the new SIAS leaves scope for further value-enhancing re-leverage.

9. SAVONA VENTIMIGLIA M. BIANCO IVREA TORINO VOLTRI SESTRI L. PARMA LA SPEZIA VIAREGGIO PISA LUCCA LIVORNO ASTI CUNEO AOSTA S. BERNARDOMILANO FREJUS PIACENZA ROSIGNANO M. ALESSANDRIA TOTAL 1.287,2 (1) (2) (3) Inclusive of the planned 81 km stretch linking Parma to the Autostrada del Brennero Under construction Costanera Norte S.A. (through ASA) - Chile Società Italiana Traforo Autostradale del Frejus p. A. Società Italiana Traforo del Gr.S.Bernardo S.p.A. Road Link (A69) Holding Ltd - UK Costanera Norte S.A. - Chile (through ASA) EQUITY INVESTMENTS Autostrada Torino-Alessandria-Piacenza S.p.A Autostrade Valdostane S.p.A. Autostrada Torino-Ivrea-Valle dAosta S.p.A. SUBSIDIARIES SIGNIFICANT INVESTMENTS Milano Serravalle – Milano Tangenziali S.p.A. Autostrada dei Fiori S.p.A. Autostrada Ligure Toscana S.p.A. Autocamionale della Cisa S.p.A. Società Autostrada Tirrenica S.p.A. 9 Km. 130,3167,7155,859,594,012,884,0 SATAP - Torino-Milano stretch - Torino-Milano stretch - Torino-Piacenza stretch - Torino-Piacenza stretchATIVASAVSITAFSITRASB ROAD LINK (A69) 154,9113,2182,090,043,0SALTADFCISAASTI-CUNEO COSTANERA NORTE S.A. Current network managed by the SIAS Group (1) (2) (3)

10. SIAS Group motorway concessions 10 SATAP (A 4 stretch) SATAP (A 21 stretch) ATIVA SAV SITAF SITRASB ROAD LINK HOLDING Ltd. (UK) Concession expiry 2026 2017 2016 2032 2050 2034 2026

11. 11 (1)23,5 yrs. starting from the completion of the infrastructure SALT ADF CISA ASTI CUNEO COSTANERA NORTE (Chile) Concession expiry 2019 2021 2031 - 2033 SIAS Group motorway concessions (contd) (1)

12. 12 SIAS GROUP: comparison with main European players SIASAtlantiaAbertis 202620372026 1.2873.4133.350 3861.6731.777 516 2231.0431.111 58%62,4%62,5% 128 822717 33%49,1%40,3% 48367331(51) 12% 22%18,6% 1.4754.110 5.007 1.534 1.4009.37512.9999.497 Average expiry of the motorway concessions Network managed (km) Key consolidated figures 1H 2008 (/mln): Revenues Ebitda % on Revenues Ebit % on Revenues Net Income % on Revenues Equity Net debt D/E 0,9x2,3x2,6x Cintra 2040 2.481 346 67,1% 253 49% n.s. n.av. BRISA 2032 1.063 319 217 68% 118 37% 52 16% 3.640 2,4x

13. (1) Source: Equity research, Factset as of May 2008 13 SIAS GROUP: comparison with main European players (1) (contd) SIASAtlantiaAbertis Cintra BRISA 2.017 3.802 11.411 13.017 4.744 5.415 6,1 X 20.842 23.825 13.513 14,8 X 7.768 Equity value (/mn) Enterprise value – EV (/mn) EV/EBITDA (2008 E) 9,1 X 9,2 X 14,7 X

14. 14 SIAS GROUP: comparison with main European players (contd) 5,0x 9,0x 11,0x 13,0x 15,0x 7,0x Enterprise Value (EV) EV/EBITDA 2008E Source: Equity Research, Factset as of March 2008 14,8x14,7x 9,2x 9,1x 6,1x 5,0x 9,0x 11,0x 13,0x 15,0x 7,0x 14,8x14,7x 9,2x 9,1x 6,1x

15. 15 REGULATION GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION

16. ASTM - 6 MONTHS RESULTS 2008 & 2007 Pro-forma (IAS/IFRS) (Eu mn) 16 REVENUES: 30/06/2008 - REVENUES FROM ENGINEERING SECTOR TOTAL REVENUES CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS 351 1 4 7 27 390 (205) 42 403 (215) 54 1.294 1.661 1.294 1.661 NET FINANCIAL INDEBTEDNESS (Including the NPV of the Central Guarantee Fund debt) NET FINANCIAL INDEBTEDNESS (Including the NPV of the Central Guarantee Fund debt) - REVENUES FROM CONSTRUCTION SECTOR - OTHER REVENUES - TOLL REVENUES OPERATING COSTS 346 6 6 15 30 EBITDA 30/06/2007 227 242 Pro-forma - REVENUES FROM TECHNOLOGICAL SECTOR 1.148 1.565 1.148 1.565 30/06/200831/12/2007

17. 17 CONSTRUCTION SECTOR 95% MOTORWAY SECTOR ASTM – 1 st HALF 2008 EBITDA BY SECTOR 1% 2% TECHNOLOGICAL SECTOR ENGINEERING SECTOR 2%

18. 18 ASTM - BALANCE SHEET (Eumn) 2% 12,7% 2007 1H 2008 DEBT/EQUITY 31/12/2007 30/06/2008 0,7 0,8

19. SIAS - 6 MONTHS RESULTS 2008 & 2007 Pro-forma (IAS/IFRS) (Eu mn) 19 REVENUES: - REVENUES FROM TECHNOLOGICAL SECTOR TOTAL REVENUES CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS 351 1 7 27 386 (190) (190) 27 397 (200) 30 1.400 1.768 1.400 1.768 NET FINANCIAL INDEBTEDNESS (Including the NPV of the Central Guarantee Fund debt) NET FINANCIAL INDEBTEDNESS (Including the NPV of the Central Guarantee Fund debt) - REVENUES FROM CONSTRUCTION and ENGINEERING SECTORS - OTHER REVENUES - TOLL REVENUES OPERATING COSTS 346 6 15 30 EBITDA 223 237 Pro-forma 1.323 1.740 1.323 1.740 30/06/200830/06/2007 30/06/200831/12/2007

20. 20 CONSTRUCTION & ENGINEERING SECTORS 97% MOTORWAY SECTOR SIAS 1 st HALF 2008 EBITDA BY SECTOR AUTOCISA 1% TECHNOLOGICAL SECTOR 2% (1) (1) ATIVA is consolidated on a proportional basis (41,17%) A4 Stretch A21 Stretch

21. 21 SIAS - BALANCE SHEET (Eumn) 5,8% 2007 1H 2008 DEBT/EQUITY 31/12/2007 30/06/2008 0,9

22. ISSUE SIZE: 335 Eu millions (N° 31,9 millions bonds) SIAS - BOND INTEREST: 2,625% CONVERSION RIGHT: 22 PAR VALUE: 10,50 Eu DURATION: 12 yrs (2005 – 2017) FROM THE END OF THE 5 TH YEAR 1:1 AT PAR BONDS HELD BY THE GAVIO GROUP: N° 9,9 millions (31%)

23. 23 REGULATION GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION

24. 24 ASTM & SIAS GROUP - INVESTMENT PLAN ATIVA 0,15 ( 1) Expected amount from 2008 onwards The amont of additional investments on SAV are negligible ( 1) Expected amount from 2008 onwards The amont of additional investments on SAV are negligible Investments Plan (1) SATAP: A4 Stretch A21 Stretch 0,8 0,2 (Eu bn) 1,0 Status of the Concession/Financial Plan Approved Currently under negotiation

25. 25 ASTM & SIAS GROUP - INVESTMENT PLAN CISA 2,0 ASTI-CUNEO 1,0 Investments Plan (1) ADF (Eu bn) 0,2 0,3 SALT (1) Expected amount from 2008 onwards (2) Expected Government contribution by 0,2 bn (2) Approved Currently under negotiation Status of the Concession/Financial Plan

26. 26 VALUE DRIVERS: TRAFFIC GROWTH TOTAL TRAFFIC ON MOTORWAYS 2003 1997 1998 2004 2005 2006 1999 2000 2001 2002 2007 -1.5% -0.5% 0.5% 1.5% 2.5% 3.5% 4.5% TRAFFIC TREND HISTORICALLY OUTPERFORMED GDP GROWTH EVEN IN RECESSION YEARS ITALIAN GDP 04/2008

27. 27 REGULATION GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION

28. 28 Long term view of the business, dedicated management No competition from other transportation systems Growing opportunities arising from the new stretches Substainable profitability growth rates Conservative financial profile and balanced growth strategy (also abroad) Value creation through lasting, experienced motorway know-how and operating efficiency

29. 29 www.autostradatomi.it www.grupposias.it